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Australia's David Jones Agrees To $2 Billion Offer From South Africa's Woolworths | Reuters

David Jones said it had entered into a scheme of arrangement with Woolworths, a mid to high-end retailer in South Africa, for the A$4 per share bid. That represents a 25 percent premium to its closing price on Tuesday and a 40 percent premium to its close on January30 when the Myer offer was made public. "All I can say is that it's a surprise and it's a hefty premium," said Morningstar senior equity analyst Tim Montague-Jones. "I don't think Myer will be able to match that sort of premium, but who knows - it's hard to tell," he said. David Jones rejected the Myer proposal last year, but had since included it in a number of options under consideration. David Jones Chairman Gordon Cairns said the board had considered several proposals to learn more including internet remaining a standalone company or merging with Myer but concluded that the Woolworths' deal was in the best interests of shareholders.

10 May 2014
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